pros, help me make this work and thanks for the info

[pahomebuyer]

i'm in pa. need mortgage for 280,000. am i able to get a 95%ltv based on the following information

 

me: fico mid 595 income 5500 gross

wife: 614 fico income 4300 gross

monthly debt 600 (car/card). previuos home sold

 

worked hard on cleaning up credit: no lates on debt 24months, mortgage current(not over 30 days) for 19mos. although last year i was always paying a late fee and more importantly over 4 yrs ago, i got a forclosure letter, requesting payment to date and attorney fees. i brought it current the next 2 days. again it was over 4yrs ago. we also have chargeoffs over 5 yrs ago.

 

i have the closing cost and another 5% in the bank which i want to keep for emergency $ and want a 5% down program. is it possible. i read that it is, but i am skeptable ? i know the rate will be subprime 2/28. that's ok, while i continue to improve credit. please advise

 

we were just out of college, never understood importance of credit. now we do and are working hard to get to the 700 fico level thanks to the info in the credit forum. you guys are the best thanks for providing the forum.

[willtygart]

Looking at all of your information...you can go up to 100%ltv but a 95%ltv loan is deffinetly within reach. The foreclosure is too far away to matter and although you are looking at Alt A or subprime please still shop and look at the fees you are charged.